Using a flexible budgeting approach, prepare a performance report for the polishing department for April 2016, comparing actual overhead costs with budgeted overhead costs for 4,400 hours.Separate overhead costs into variable and fixed components and show the amounts of any variances between actual and budgeted amounts.Do not use negative signs with your answers below.Do not round until your final answer. Round answers to nearest whole number, if applicable.Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers.Taylor Manufacturing CompanyPolishing DepartmentPerformance Report - Manufacturing OverheadFor the Month Ended April 30, 2016Actual Costs Budget (4,400 hours)VariancesVariable costs:Factory supplies$0 $0 $0Indirect labor000◆Utilities000◆Patent royalties000♦Total variable overhead000◆Fixed costs:Supervisory salaries000◆Depreciation on equipment000Factory taxes000◆000Factory insuranceUtilities000Total fixed overhead00◆Total overhead costs0 $◆$OO00 $OO0 Flexible Budget ApplicationThe polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity:Taylor Manufacturing CompanyPolishing DepartmentOverhead Budget (5,000 Hours)For the Month of April 2016Variable costs:Factory supplies$100,000Indirect labor152,000Utilities68,000Patent royalties on secret process296,000Total variable overheadFixed costs:Supervisory salaries160,000Depreciation on factory equipment144,000Factory taxes48,000Factory insurance32,00080,000Utilities (base charge)Total fixed overhead464,000$1,080,000Total manufacturing overheadThe polishing department was operated for 4,400 hours during April and incurred the following manufacturing overhead costs:Factory supplies$97,670Indirect labor132,310Utilities (usage factor)82,800Utilities (base factor)96,000Patent royalties280,566Supervisory salaries171,000Depreciation on factory equipment144,000Factory taxes59,000Factory insurance32,000Total manufacturing overhead incurred $1,095,346$616,000

A flexible budget is prepared on the basis of the budgeted rate and on the basis of different…

Using a flexible budgeting approach, prepare a performance report for the polishing department for April 2016, comparing actual overhead costs with budgeted overhead costs for 4,400 hours. Separate overhead costs into variable and fixed components and show the amounts of any variances between actual and budgeted amounts. Do not use negative signs with your answers below. Do not round until your final answer. Round answers to nearest whole number, if applicable. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. Taylor Manufacturing Company Polishing Department Performance Report - Manufacturing Overhead For the Month Ended April 30, 2016 Actual Costs Budget (4,400 hours) Variances Variable costs: Factory supplies $ 0 $ 0 $ 0 ÷ Indirect labor 0 0 0 Utilities 0 0 ÷ Patent royalties 0 0 ÷ Total variable overhead 0 0 Fixed costs: Supervisory salaries 0 0 + Depreciation on equipment 0 0 Factory taxes 0 0 Factory insurance 0 0 Utilities 0 0 Total fixed overhead 0 0 + Total overhead costs 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 $

Using a flexible budgeting approach, prepare a performance report for the polishing department for April 2016, comparing actual overhead costs with budgeted overhead costs for 4,400 hours. Separate overhead costs into variable and fixed components and show the amounts of any variances between actual and budgeted amounts. Do not use negative signs with your answers below. Do not round until your final answer. Round answers to nearest whole number, if applicable. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. Taylor Manufacturing Company Polishing Department Performance Report - Manufacturing Overhead For the Month Ended April 30, 2016 Actual Costs Budget (4,400 hours) Variances Variable costs: Factory supplies $ 0 $ 0 $ 0 ÷ Indirect labor 0 0 0 Utilities 0 0 ÷ Patent royalties 0 0 ÷ Total variable overhead 0 0 Fixed costs: Supervisory salaries 0 0 + Depreciation on equipment 0 0 Factory taxes 0 0 Factory insurance 0 0 Utilities 0 0 Total fixed overhead 0 0 + Total overhead costs 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Variable Fixed Component per Month Component per Job $ 277 Actual Total for February $ 27,720 $ 8,350 $ 8,370 Revenue Technician wages $ 8,500 Mobile lab operating expenses $ 4,900 $ 33 Office expenses $ 2,400 $2 $ 2,470 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,850 $ 2,850 Miscellaneous expenses $ 960 $ 1 $ 375 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 120 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F"…
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Requirement 1. Compute the budgeted fixed manufacturing overhead rate per barrel for each of the denominator-level capacity concepts. Explain why they are different. Begin by determing the formula to calculate the budgeted fixed manufacturing overhead rate per barrel, then compute the rate for each of the denominator-level capacity concepts. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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